CHICAGO, June 4 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Tuesday, despite a significant rally in the stock market.
The most active gold contract for August delivery went up 0.80 dollar, or 0.06 percent, to settle at 1,328.70 U.S. dollars per ounce, staging a fifth climb in a row.
Gold, a safe haven asset, has recently posted sharp gains amid rising trade tensions between the United States and its key trade partners.
On Tuesday, the Dow Jones Industrial Average rallied more than 500 points due to expectations that the U.S. Federal Reserve will cut interest rates. The S&P 500 and Nasdaq also followed Dow's rise.
However, the broad rally in benchmark U.S. stock indexes failed to drag down gold futures, as uncertainty of trade outlook and fears of slowing world growth continued to support appetite for gold.
The U.S. dollar index, which measures the greenback against six major peers, rose in the morning but gave up the gains later. A softening dollar usually supports gold, as it makes the bullion less expensive for investors holding other currencies.
As for other precious metals, silver for July delivery was up 2.9 cents, or 0.2 percent to close at 14.769 dollars per ounce. Platinum for July delivery was down 1.80 dollar, or 0.22 percent, to settle at 819.10 dollars per ounce. Enditem
